Should Hollywood have its own blockchain?

Blockchain has announced the arrival of Web 3.0, a sequel to the intricacies of the World Wide Web. As it grew in popularity and adoption, there have been records of substantial investments in blockchain and its subsequent asset classes such as cryptocurrencies and NFTs. This wave of investment has not escaped the big names in Hollywood. The likes of Shawn Mendes, Snoop Dogg, Floyd Mayweather, Jim Carrey, Paris Hilton and Eminem are heavily invested in blockchain-based asset classes.

The financial sector is arguably the largest user of blockchain technology, with everyone from private finance companies to central banks in entire countries adapting their processes to integrate blockchain. But the possibilities that exist with blockchain make it adaptable to any sector.

Deepak Thapliyal is the CEO of Chain, a company dedicated to the institutionalization of the blockchain. “Blockchain is definitely the future of traditional finance, but it has many more uses besides monetary transactions,” says Thapliyal. “To get the best out of the blockchain, we need to scale it down, not scale it up.”

The Hollywood data threat is costing the industry

From hacking unedited content to extorting production finances, security breaches in Hollywood are more common than some might think. Large production studios and companies such as Disney, Sony and Netflix
they’ve been on the wrong side of these intrusions before, and the problem doesn’t seem to be abating.

One reason is that Hollywood production houses like to outsource a lot of their work to suppliers, striving to provide them with high quality results at competitive prices. From creating eye-catching and eye-catching trailers to premium editing and 3D visual effects, the work of the biggest Hollywood studios is often the lifeblood of these suppliers and a huge boost to their portfolios.

Thapliyal revealed that this constant exchange of sensitive information between firms and vendors exposes huge gaps in cybersecurity, especially at the vendor end. “These third-party production groups often don’t have robust network security measures like big studios and hackers have figured out, so they typically attack these vendors to gain access to unreleased sensitive content and release it on sites. torrent or ask for ransom from studies. In any case, hacks like this represent a colossal financial loss for the studies. “

The sentiment is in line with the hacking of Disney and Netflix, in particular. of Netflix Orange is the new black, and Disney Pirates of the Caribbean sequels were both hacks that took place in a post-production facility. Going back to hacking Sony Pictures in 2014, there have been numerous hacking attempts at major movie studios for years, and both for ransom and unplanned releases, these companies are losing serious money.

“In entertainment, an unplanned early release of a film or documentary could bring back weekend opening box office screenings of over $ 15 million. It’s preventing situations like this that blockchain was created for, and it’s also what we are trying to achieve: a world of data security guaranteed through a given supply chain. ” The Thapliyal chain worked with the NASDAQ heavyweights
Tiffany & Co., Citibank and other retail, banking, sports and entertainment brands to create fully customizable blockchain solutions that fit their particular needs.

Blockchain as a solution; just smaller

Blockchain technology uses a “strength in numbers” approach to security. Its decentralized ideology means that records on the blockchain are immutable as records of every transaction on the chain exist on hundreds of thousands of devices in a connected peer-to-peer network. The blockchain is anonymous, open source and authorization-free, giving users complete freedom to perform their transactions securely and anonymously. But this also allows users to carry out nefarious activities on the network, just like Ransomware used Bitcoin
to collect a ransom from his victims.

Thapliyal does not believe this blockchain iteration is a one-size-fits-all solution for safeguarding financial data and transactions. According to him, “public blockchains like Ethereum
and Bitcoin are fine for everyday personal use and individuals transacting cryptocurrencies and NFTs, but businesses and industries need something more exclusive with a nice level of access control. Let’s look beyond the main line of blockchain operations. Without reinventing the core of how blockchain works, we have created a set of tools that allow us to duplicate its framework and niche it so that it makes sense for unique companies on a case-by-case basis. “

On private blockchains, there are no public logins or public miners, and users are not anonymous. “It may seem counterproductive to support the adoption of private blockchains, especially since on the surface it seems to oppose the fundamental principles of security, privacy protection and transparency,” admits Thapliyal, “but it is not.”

The main difference between a custom blockchain and a public blockchain is the access level. It’s important for companies and institutions to always keep their sensitive company and customer information secure, and leaving it at the mercy of a public blockchain doesn’t make a lot of business sense.

“In any major business transaction, the identities of all parties involved must be known, the transaction must be verified by a trusted and credible central authority, and be traceable across the network. Of course, just like public blockchains, transaction records are also distributed among the blocks of the private network and cannot be manipulated anywhere. When neither party is anonymous, it helps build trust and foster strong partnerships. Different companies operate under different policies and have different customer needs, so each of them needs a regulated blockchain developed to meet these needs and adhere to their own policies and ethics. “

There is also the debate on the efficiency between public and private blockchains. Public blockchain mining is an extreme sport in terms of energy consumption. For example, one second is enough to complete only about seven Bitcoin transactions. The speed is caused by too many users initiating too many transactions on public blockchains. You just have to compare that to the speed of transactions on private blockchains like Hyperledge and Ripple – they can process and validate thousands of transactions per second. Fees and energy costs on private blockchains are also significantly lower, allowing companies to create their own digital tokens and merchandise, carry out financial transactions, transfer sensitive documents, and build their own security parameters in line with their best interests.

If custom blockchain adoption becomes a traditional practice, in addition to helping Hollywood curb its piracy and hacking problems, the economic benefits could be disruptive on a global scale.

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